Imports and exports are the terms used to describe the goods and services traded between nations. Imports Countries import goods that they cannot produce domestically, or that companies can supply to these countries at a higher quality or lower cost. The term can also apply to services rendered to residents of one country from non-residents. Even tourists fall under a loose definition of providing an imported service through the investment they make in hotels, restaurants and attractions. Import statistics can be difficult to track, because of varying definitions and inaccurate coverage. Most of the data collected comes from declarations to custom services. However, these would not account for goods imported to one member nation from another in the European Union (EU), since such products may be moved without customs controls. According to the World Trade Organization, the United States is the world’s largest importer (based on capital investment), followed by the EU, China, Germany and Japan. Exports Exports, simply put, are goods or services produced locally and sold abroad. This may be done as a way to boost the producing nation's gross output, or in exchange for more desired products or services. China has been the world's largest exporter of goods since 2009. Official estimates suggest Chinese exports amounted to $1.904 trillion in 2013. This represents a significant reversal of policies in place for much of that nation’s history, when a more protectionist stance was taken in trading policies. The EU ranks second in exports, followed by the United States, Germany and Japan.
Essential Guidelines for US Freight Forwarders
In a bid to clarify export compliance responsibilities, the Bureau of Industry and Security (BIS) has recently issued comprehensive guidance… Read More
U.S. ITC Makes Preliminary Injury Finding on China Hydrofluorocarbons
The U.S. International Trade Commission determined in a preliminary finding that U.S. industry is materially injured by imports of hydrofluorocarbon… Read More
U.S. International Trade Commission Extends Trade Relief on Diamond Sawblades from China
In a victory for U.S. producers of diamond sawblades, the U.S. International Trade Commission (ITC) voted to extend the antidumping… Read More
A&R Logistics Enters Into Agreement With Union Pacific
A&R Logistics announced on August 12 that it has entered into a collaboration with Union Pacific (“UP”) to co-develop an… Read More
U.S.-India Trade: The Good News & the Bad
The U.S. Census Bureau recently released data on U.S. goods trade with India through June 2015. The trend of reducing… Read More
U.S. Under Secretary of Commerce Concludes Visit to India
U.S. Under Secretary of Commerce for International Trade Stefan M. Selig concluded a visit to India today where he met… Read More
Hong Kong Trade Development Council and TRIDEC Sign MOU
The Hong Kong Trade Development Council (HKTDC) and TRIDEC, the economic development council for Benton and Franklin Counties in Southeastern… Read More
Virgin Atlantic Sees Record Chicago Cargo Growth; Adds Detroit to Route
Virgin Atlantic Cargo recorded a record month for tonnage moving from Chicago in June, boosting its monthly average volume on… Read More
Lower Copper Scrap Prices Tied to Tanking Chinese Imports
The price of copper on international markets reached a six-year low recently, part of a bear market that is effecting… Read More
China’s Currency Devaluation: A Manufacturing Perspective
Beijing’s dramatic devaluation of the Renminbi yesterday changes things for companies using contract manufacturers in China. That’s the assessment of… Read More
China’s Currency Devaluation: Short-Term Fix or Long-Term Reform?
The Center for Strategic and International Studies provided Global Trade with the following Q&A on China’s currency situation, with Scott… Read More
EC supports European Farmers Facing Russian Import Ban
The European Commission has extended the safety net measures for the European fruit and vegetables sector until the end of… Read More
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